DDoS Attack for New Altcoin Entering the Market: Price Crashed!

A day after the release of its MANTA token, the fledgling blockchain Manta Network faced a significant challenge as it fell victim to a distributed denial-of-service (DDoS) attack. The attack caused withdrawal times to lengthen and the network to slow down, raising concerns within the altcoin community.

DDoS attack affected altcoin project

Manta Network, a rising star in the blockchain space, found itself the target of a DDoS attack shortly after the launch of its MANTA token. The attack flooded the network with internet traffic, caused outages, and led to a large queue of recent transactions. In an official statement, the Manta developers acknowledged the issue, saying:

The network has accumulated a huge queue of recent transactions. This leads to longer transaction times and affects gas fees. We are aware of this issue and are working to resolve it.

⚠️ > Because of yesterday’s DDoS attack, the network has accumulated a large queue of recent transactions. This is leading to longer transaction times and impacts on gas fees. We are aware of this issue and working to resolve it.

— Manta Network (,) #MantaNewParadigm (🔱 @MantaNetwork) January 19, 🔱 2024

Despite the challenges, the developers assured users that all funds are safe and that the blockchain continues to function normally, albeit with limited communication between the blockchain and native applications.

They were in the early stages of token issuance

The DDoS attack came at a pivotal moment for Manta Network, close to the first token issuance event. Co-founder Kenny Li shared his views on the impact, noting that communication between blockchain and native applications is severely limited. However, he assured the community that the attack did not compromise the security of the funds and that the Blockchain remained functional.

Manta Network, like other emerging blockchains, aims to offer faster transactions at lower costs compared to established networks like Ethereum. Backed by leading funds and leveraging extensive marketing on platforms like X and other social media channels, these networks often gain significant traction. The recent attack highlighted the challenges faced by these new players looking to gain market share and wages.

Price first rises, then falls

Despite the DDoS hit, the MANTA token managed to increase by as much as 25% following Thursday’s issuance, bringing the network’s market capitalization to around $550 million as of Friday. However, at the time of writing, it stands out with a decrease of 6 percent. The coin fell from $2.70 to $2.05. At the time of writing, it is at $2.19. Manta previously attracted attention by attracting almost $1 billion worth of Ethereum (ETH) for its layer 2 network, New Paradigm, through an airdrop program that incentivized fund transfers to the platform. The incident is a reminder of the importance of robust security measures in the rapidly evolving world of blockchain technology as the development team works to resolve the issues.

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